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Moderate Rise In US Incomes

James Boston
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Moderate Rise In US Incomes

A full update on the state of personal incomes and expenditures for the month of May has just been made available by the US Bureau of Economic Statistics.

The headline Personal Income growth has been announced at 0.4% on a month on month basis, this is an increase from April’s 0.3% growth and it easily meets the anticipated 0.4% put forward by market analysts.

The main expenditure metric of Personal Spending growth has also seen expansion in May, month on month this is now showing growth of 0.2% compared to the flat reading of 0% experienced in April, the market consensus figure of a 0.4% rise was however missed.

The price indices for the personal spending metric have also been included in this data release. The Personal Consumption Expenditure Price Index has shown month on month growth of 0.2% compared to the same level in April. On a year on year basis this metric has expanded by 1.8% in contrast to the previous month’s reading of 1.6%. The Core version of this Personal Consumption Expenditure Price Index is showing month on month growth of 0.2% matching a market consensus of 0.2% and also a prior reading of 0.2%. Year on year this number is now has price inflation at 1.5% compared to April’s 1.4% reading.

Jobless claims data has additionally just been published by the US Labor Department. Continuing Jobless Claims for the week ending June 13th have been announced as 2.571M compared to 2.559M the previous week, market consensus estimates on this statistic were for a slight rise to 2.570M claimants. The Initial Jobless Claims number also released relate to the week ended June 20th, this is now showing 312k newly claiming individuals compared to the 314k recorded during the previous week, the market consensus estimate for the initial claims figure was for a small contraction to 310k.

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